Is it possibile to retain a glossy material when the object is made shadeless in cycles?
The solution is to make the hand cast no shadow. The other object cannot be shaded (glossy) and shadeless at the same time:



If you want to tone down the shadows you can make it partially transparent for lights and shaded for camera:

What is a shadow ray?

Instead of blue transparency input grey transparent shader (so it's not tinted), and instead of green diffuse input your hand material.